Gazprom, the world's No. 1 gas company, and Lukoil, Russia's biggest oil producer, will work to develop new offshore fields, Lukoil President Vagit Alekperov said Friday.
"A joint venture is a tool for participating in new projects," he said at a news conference. "We will work in Russia and develop offshore fields projects in eastern seas."
The comments were reported by the Itar-Tass news agency.
He said the agreement won't be exclusive as each partner will be able to pursue joint ventures with other participants in the market.
In the joint venture between Lukoil and Gazpromneft, the Gazprom subsidiary will have a 51 percent stake. Both companies are state-controlled.
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Transneft chief says pipeline to China nearly settled
The head of Transneft, the Russian state-owned pipeline company, said Friday it was likely a branch from the East Siberia-Pacific Ocean pipeline would be laid to China.
"I have the impression that the positive decision has been made already and the spur pipeline will be laid," Semyon Vainshtok said.
The comments were reported by Prime-Tass.
He said he did not know when a decision would be made.
The news agency said a source in the Russian government had earlier said Russia would lay the spur pipeline if China guaranteed future purchases of Russian crude.
The 2,485-mile ESPO pipeline, which is being built to carry an estimated 80 million tons of oil to the Asia-Pacific region, will run from Taishet, in the Irkutsk Region, via Skovorodino, in the Amur Region, to Kazmino Harbor, the news agency said.
The first 1,500 miles - from Taishet to Skovorodino - is expected to be operational in late 2008.
The pipeline's construction is expected to cost $15 billion.
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Iran: LNG deal with India by end of year
Iran said Friday it was ready to finalize deals with India on the supply of liquefied natural gas and a gas pipeline via Pakistan.
"I hope and I am confident that before the end of the year, we will be able to finalize these two important projects," Foreign Minister Manouchehr Mottaki told reporters.
On Thursday, Mottaki said his talks with Indian officials focused on a mechanism under which Iran will offer a new price for 5 million tons of LNG. If the price is found to be unacceptable, private companies will be asked to undertake the project.
Last year, the two countries signed a deal for the supply of 5 million tons of LNG at $2.90 per million British thermal unit, but Tehran later said it wanted $5.10 per mBtu, causing India to stall the deal.
Iran has asked India to respond to the offer in two days, the Press Trust of India reported.
"A little more price is OK but the new price should not be very high from what we had offered," Indian Petroleum and Natural Gas Minister Murli Deora said. "With the new formula I am very hopeful the deal would fructify."
He said the next round of LNG talks would be held soon, adding India might ask for an increase in volume.
Mottaki said Iran could provide India up to 10 million tons.
Another sticking point between the two countries is the fate of the $7.4 billion Iran-Pakistan-India pipeline, which has been stalled because of pricing issues.
PTI reported Friday that Mottaki was confident the report of Gaffney, Cline & Associates consulting group to determine the price would help in an agreement.
"If there are any outstanding issues, we can iron them out by sitting down across the table," he said.
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